| | | | | | | | | Percentage of
Ownership (%) December 31, | | |
| | | Name of investee | | Main business | | Location | | 2024 | | 2025 | | Note |
| The Company | | The News Lens Co., Ltd. (“TNL TW”) | | Digital advertising, SAAS technology, artificial intelligence technology, data analysis, member management content service platform and audio-visual program production | | Taiwan | | 100% | | 100% | | |
| The Company | | Inside Co., Ltd. (“Inside”) | | Digital advertising, display network and content service platform | | Taiwan | | 100% | | 100% | | |
| The Company | | The News Lens Hong Kong Ltd. (“TNL HK”) | | Digital advertising and content service platform | | Hong Kong | | 100% | | 100% | | |
| The Company | | TNLMG (“TNL MG”) | | Special purpose entity for merger | | Cayman | | - | | - | | Note 1 |
| The Company | | Bule Ocean Acquisition Corp
(Blue Ocean) | | Special purpose entity for merger | | America | | 100% | | - | | Note 1 |
| The Company | | TNL Mediagene Inc. (formerly known as TNL Mediagene Japan Inc.) (“MG”) | | Holding Company | | Japan | | 100% | | 100% | | |
| The Company | | Green Quest Holding Inc.
(“Green Quest”) | | Holding Company | | Cayman | | 100% | | 100% | | Note 2 |
| TNL TW | | Neptune Internet Media Technology Co., Ltd. (“SV”) | | Ticket service, e-commerce and shopping guide, digital advertising and content service platform | | Taiwan | | 100% | | 100% | | Note 3 |
| TNL TW | | Easy Key 2 Asia Co., Ltd. (“EK2A”) | | Market survey and marketing strategy consultant | | Taiwan | | 100% | | 100% | | |
| TNL TW | | AD2iction Co., Ltd. (“AD2”) | | Digital interactive advertising, advertising technology services and web platform technology | | Taiwan | | 100% | | 100% | | |
| TNL TW | | S.C. Integrated Marketing Communication Co., Ltd. (“SC”) | | Planning and execution services for Integrated marketing solutions | | Taiwan | | 100% | | 100% | | |
| TNL TW | | STAR Communication Consultant Co., Ltd. (“ST”) | | Planning and execution services for Integrated marketing solutions | | Taiwan | | 100% | | 100% | | |
| TNL TW | | DaEx Intelligent Co., Inc. (“DaEx”) | | Artificial intelligence technology and customer data platform service | | Taiwan | | 97.89% | | 97.89% | | Note 4 |
| SC | | Polydice Inc. (“POLYDICE”) | | E-commerce and digital advertising | | Taiwan | | 100% | | 100% | | |
| MG | | Mediagene Inc. 株式会社メディアジーン(“Mediagene”) | | Media consulting business,
E-commerce and digital advertising | | Japan | | 100% | | 100% | | |
| Mediagene | | INFOBAHN Inc. 株式会社インフォバーン (“INFOBAHN”) | | Media consulting business | | Japan | | 100% | | 100% | | |
| Green Quest | | Dragon Marketing Inc.
(“Dragon Marketing”) | | Search engine optimization and social media marketing | | Taiwan | | 100% | | 100% | | Note 2 |